1964 NEW ZEALAND GAZETTE No. 83

10. Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities

Add:
Non-cash items:
Depreciation ... | 81 | 57 |

Less:
Non-cash items:
Managed funds revaluation ... | (9,602) | (23,456) |
Donations paid from capital ... | (333) | (446) |
| (522) | (6,365) |

Movements in working capital items:
Increase/(decrease) in creditors ... | – | (30) |
Increase/(decrease) in committed donations ... | – | 207 |
Increase/(decrease) in debtors ... | – | 177 |

Net cash flow from operating activities ... | (522) | (6,188) |

Audit Report

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past consolidated financial performance of the Community Trust of Otago and its consolidated financial position as at 31 March 1999. This information is stated in accordance with the accounting policies as outlined.

Trustees’ Responsibilities

The trustees are responsible for the preparation of consolidated financial statements which give a true and fair view of the consolidated financial position of the trust as at 31 March 1999 and of the consolidated results of operations and cash flows for the year ended 31 March 1999.

Auditors’ Responsibilities

It is our responsibility to express an independent opinion on the consolidated financial statements presented by the trustees and report our opinion to you.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the consolidated financial statements. It also includes assessing:

• the significant estimates and judgments made by the trustees in the preparation of the consolidated financial statements, and

• whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.

We conducted our audit in accordance with New Zealand auditing standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to obtain reasonable assurance that the consolidated financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the consolidated financial statements. Our firm carries out other assignments for the trust in the area of special consultancy projects. The firm has no other interest in the trust.

Unqualified Opinion

We have obtained all the information and explanations we have required. In our opinion:

• Proper accounting records have been kept by the trust as far as appears from our examination of those records; and

• The consolidated financial statements:

  • comply with generally accepted accounting practice;
  • give a true and fair view of the consolidated financial position of the trust as at 31 March 1999 and the consolidated results of its operations and cash flows for the year ended on that date.

Our audit was completed on 27 May 1999 and our unqualified opinion is expressed as at that date.

TAYLOR McLACHLAN.
Dunedin.

Note: A full list of donations may be obtained from the community trust office.